CEBU, Philippines - The Philippine retail sector is seeing good growth prospects in an integrated economy and in fact the Philippine Retailers Association projected an annual double-digit growth in the industry mainly because of the improving consumer spending and economic growth.
The country’s retail sector has been considered as a good market for both local and international retail investments.
Jovita Polloso, senior vice president of Filinvest’s retail group, said the industry has been expecting the entry of other global brands.
Polloso shared the 8-hectare Il Corso, the retail development of Filinvest Land, Inc., has been open for investments from both local retailers and global brands.
“You know, in reality, for any retail development, you always have to talk to retail strategic partners,” the official told reporters during the topping off of the retail project’s 3-hectare Central Piazza which will initially open by the end of this year. It is situated in Cebu’s South Road Properties and is the company’s first mall outside Metro Manila.
“There should be work hand in hand. There have been retailers showing interest to open their outlets,” she added.
The property developer is supposed to publicly open the whole development in the last quarter of 2015, but Polloso shared they have seen the need to partially start with two food firms to initially operate in the area.
In its report on the country’s retail sector, the Oxford Business Group said the strong spending of Filipino consumers has significantly driven the growth of the retail sector and the confidence of international retailers to invest in the country. It said the strong economic performance is driving the nation’s retail sales and creating investment opportunities for both local and international firms.
In addition, despite the continuous construction of mall projects in the country, Polloso added the real estate firm has been looking at expanding its retail presence mainly because of the current boom in consumer spending and strong demand.
She noted the future tourism events and Cebu’s hosting of some meetings of the Asia Pacific Economic Cooperation Summit next year would fuel the retail commercial developments. The official also cited at least 12 retailers can operate in the Piazza and more than 200 brands can build shops in the whole Il Corso project. (FREEMAN)